Dear Fellow REALTOR®:
I know many of you are concerned about the troubled financial markets and are wondering how the federal government’s actions will help resolve the crisis. Here is the latest information on what is happening in the housing market and our position on the government’s plans to rescue Wall Street.
First, take a few minutes to watch today’s President’s Podcast, featuring my latest interview with NAR Chief Economist Lawrence Yun. Although the video was shot before the government takeover of Fannie Mae and Freddie Mac, Lawrence provides valuable perspective on where the housing market is heading in 2009.
http://www.realtor.org/about_nar/presidents_report/_podcast_archive/presidents_podcast_marketoutlook_20080923
Second, please read Lawrence’s September 22nd commentary, which explains the reality behind the government’s proposed “investment” in the financial markets and what’s at stake for homeowners and taxpayers.
http://www.realtor.org/research/commentary_700_billion
Third, review the letter I sent to Congress earlier today, outlining our position on the Treasury’s comprehensive approach to addressing problems in the financial system.
http://www.realtor.org/gapublic.nsf/pages/gses_conservatorship?OpenDocument
As the most trusted source of information in the real estate transaction, REALTORS® are in the best position to counsel consumers in this confusing market. I urge you to check Realtor.org for additional information and updates in the days and weeks ahead, and share them with your colleagues.
Working “All Together,” we can overcome these challenges and ensure that homeownership continues to be the most valuable investment Americans can make.
801-649-5883
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Marina Vialtsina
Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Thursday, September 25, 2008
Saturday, July 26, 2008
Trump's Palm Beach Mansion Goes for $100M
Trump's Palm Beach Mansion Goes for $100M
Donald Trump has sold his mansion in Palm Beach, Fla., for $100 million to a Russian fertilizer billionaire Dmitry Rybolovlev.
Trump, who paid $41 million for the 60,000-square-foot oceanfront house in 2004, told the Associated Press, "I think it's a great sign for the area, a great sign for Palm Beach and all that Palm Beach represents. ... In an age of so many people getting hurt in real estate, it shows that you can still do well in real estate.”
Donald Trump has sold his mansion in Palm Beach, Fla., for $100 million to a Russian fertilizer billionaire Dmitry Rybolovlev.
Trump, who paid $41 million for the 60,000-square-foot oceanfront house in 2004, told the Associated Press, "I think it's a great sign for the area, a great sign for Palm Beach and all that Palm Beach represents. ... In an age of so many people getting hurt in real estate, it shows that you can still do well in real estate.”
Wednesday, May 28, 2008
Utah's Real Estate Market
Two recent real estate reports show Utah's real estate market is considerably weaker than a year ago, but home prices continue to appreciate. A report out yesterday on April's home sales in Salt Lake show a volume decline of 33%, but a price increase of 2%. This is reflective of other areas of the country that showed a decline ahead of us.
The Salt Lake Board of Realtors is optimistic about these numbers:
But Realtor officials said Tuesday they believe that any downturn here will be comparably shallow and short-lived.
Board president Jillinda Bowers said April was the third consecutive month in which home sales increased in the county. Last year, sales started to slip in the summer, with January's total of 634 an eight-year low for monthly sales. April's total of 972 units sold is up from 934 in March and 746 in February.
"It appears to be a trend" of increasing sales, Bowers said.
I disagree. Utah's housing market is having a downturn and will continue to do so for probably a year. Looking at month over month sales is a poor indicator of progress. However, demand for starter homes and low cost homes will continue to increase with commensurate price increases. Homes above $300k in the valley will have slight problems selling. Price points above $600,000 will see the greatest price drops, especially next year, the most difficult price to sell.
Even though the analysis may not sound good, what we should focus is:
1. the interest rate is still low
2. it is a good time to buy: you can negotiate concessions and possibly lower price
3. if you are buying the house for more than two years, you will be fine. And, in the meantime, your house is still appreciating
4. The rent market is strong and very competitive, definitely landlord's market
5. we are going through this economically difficult times better than other states.
Utah is No. 1 among states in home-price appreciation with a 5.6 percent increase, relinquishing the top spot to Wyoming, which posted a 6.3 percent gain, according to a report released today.
Montana rounded out the top 3 with a 4.9 percent increase, according to the House Price Index report by the Office of Federal Housing Enterprise Oversight.
The OFHEO numbers reflect refinances as well as purchases and that's why they show bigger increases than the Board of Realtors that only reflect sales of existing homes. Realtor numbers showed less than 1% appreciation in the first quarter.
I don't expect a housing crash. It will slower than 2005 and 2006, little slower or same as 2007.
The Salt Lake Board of Realtors is optimistic about these numbers:
But Realtor officials said Tuesday they believe that any downturn here will be comparably shallow and short-lived.
Board president Jillinda Bowers said April was the third consecutive month in which home sales increased in the county. Last year, sales started to slip in the summer, with January's total of 634 an eight-year low for monthly sales. April's total of 972 units sold is up from 934 in March and 746 in February.
"It appears to be a trend" of increasing sales, Bowers said.
I disagree. Utah's housing market is having a downturn and will continue to do so for probably a year. Looking at month over month sales is a poor indicator of progress. However, demand for starter homes and low cost homes will continue to increase with commensurate price increases. Homes above $300k in the valley will have slight problems selling. Price points above $600,000 will see the greatest price drops, especially next year, the most difficult price to sell.
Even though the analysis may not sound good, what we should focus is:
1. the interest rate is still low
2. it is a good time to buy: you can negotiate concessions and possibly lower price
3. if you are buying the house for more than two years, you will be fine. And, in the meantime, your house is still appreciating
4. The rent market is strong and very competitive, definitely landlord's market
5. we are going through this economically difficult times better than other states.
Utah is No. 1 among states in home-price appreciation with a 5.6 percent increase, relinquishing the top spot to Wyoming, which posted a 6.3 percent gain, according to a report released today.
Montana rounded out the top 3 with a 4.9 percent increase, according to the House Price Index report by the Office of Federal Housing Enterprise Oversight.
The OFHEO numbers reflect refinances as well as purchases and that's why they show bigger increases than the Board of Realtors that only reflect sales of existing homes. Realtor numbers showed less than 1% appreciation in the first quarter.
I don't expect a housing crash. It will slower than 2005 and 2006, little slower or same as 2007.
Thursday, January 10, 2008
Real Estate Forecast for 2008 (in English)
Before I give you my professional opinion about what will happen to real estate in Utah in 2008, let me tell you that Real Estate is very local and everything you will read below may not apply to you at all.
In my opinion, you are going to see slower seller's market (sell of properties), I expect the activity may pick up once people know the full extent of the mortgage crisis which is expected to peak in 2008. However, mention such a scary word as crisis, let me tell you that financing still exist, you just need to be more patient looking for the right company to work with. I will touch base about some of those programs tomorrow.
Hearing all those national news, I would not be surprised if home prices in Utah will continue to go up. It will not be as fast as 2 years ago, but between 7-10%. Lower-end properties between 175-300K range should increase approximately 7-10%, homes in 300-500K range-about 5%, and properties above 500K may experience some problems and would need to lower the price 10-15% in order to sell.
Overall this state should not experience problems to the same extent as other states. You, certainly, can ask me why and I will tell you:
1. We have tremendous population grown in 2006-2007 year, about 3.2%, in comparison with the rest of the country-0.9%
2. Great Job Growth-about 4.3% in October 2006-2007. U.S. Employment growth for the rest of the country was only 1.2%
3. Unemployment for the same period is 2.8%. U.S. Uemployment growth for the rest of the country was 2.8%
4. Foreclosures in 3rd quarter 2007 in Utah: 3.92%. Same time period in U.S.-5.59%
5. Even though home sale number has dropped about 4%: 2006 3rd Quarter Sales in 2006 24.62%, and same period in 2007-20.39%, average home price went up from 2006 (about 13%). Average Home Price in 3rd Quarter of 2007 (Average in this State): $288,307
6. According to estimates from the state, 2007 had record annual growth of nearly 85,000 people, which translates into 25,000-30,000 new households.
My conclusion is local economy is strong enough, and only good things may happen to real estate in this state.
Houses over $500K may be slightly a different story. Prices were pushed up during the last 2-3 years through a combination of lower-than-expected interest rates, a robust local economy with strong job and population growth, investor activity, and agressive financing. Even though most of these factors are still in place, investor demand decreased substantially (especially from out of state), and based on current mortgage standarts, most people cannot afford these places over $500K.
I will touch base of still available mortgage programs to show you that market is good, and it is a great time to sell or buy.
Thanks,
Marina Vialtsina
(Your Local Real Estate Consultant)
801-649-5883
In my opinion, you are going to see slower seller's market (sell of properties), I expect the activity may pick up once people know the full extent of the mortgage crisis which is expected to peak in 2008. However, mention such a scary word as crisis, let me tell you that financing still exist, you just need to be more patient looking for the right company to work with. I will touch base about some of those programs tomorrow.
Hearing all those national news, I would not be surprised if home prices in Utah will continue to go up. It will not be as fast as 2 years ago, but between 7-10%. Lower-end properties between 175-300K range should increase approximately 7-10%, homes in 300-500K range-about 5%, and properties above 500K may experience some problems and would need to lower the price 10-15% in order to sell.
Overall this state should not experience problems to the same extent as other states. You, certainly, can ask me why and I will tell you:
1. We have tremendous population grown in 2006-2007 year, about 3.2%, in comparison with the rest of the country-0.9%
2. Great Job Growth-about 4.3% in October 2006-2007. U.S. Employment growth for the rest of the country was only 1.2%
3. Unemployment for the same period is 2.8%. U.S. Uemployment growth for the rest of the country was 2.8%
4. Foreclosures in 3rd quarter 2007 in Utah: 3.92%. Same time period in U.S.-5.59%
5. Even though home sale number has dropped about 4%: 2006 3rd Quarter Sales in 2006 24.62%, and same period in 2007-20.39%, average home price went up from 2006 (about 13%). Average Home Price in 3rd Quarter of 2007 (Average in this State): $288,307
6. According to estimates from the state, 2007 had record annual growth of nearly 85,000 people, which translates into 25,000-30,000 new households.
My conclusion is local economy is strong enough, and only good things may happen to real estate in this state.
Houses over $500K may be slightly a different story. Prices were pushed up during the last 2-3 years through a combination of lower-than-expected interest rates, a robust local economy with strong job and population growth, investor activity, and agressive financing. Even though most of these factors are still in place, investor demand decreased substantially (especially from out of state), and based on current mortgage standarts, most people cannot afford these places over $500K.
I will touch base of still available mortgage programs to show you that market is good, and it is a great time to sell or buy.
Thanks,
Marina Vialtsina
(Your Local Real Estate Consultant)
801-649-5883
Saturday, November 10, 2007
Ten Rising-In-Value Real Estate Markets (In Russian)
Клиенты меня часто спрашивают, что происходит с рынкои здесь, наслушавшись новостей по телевизору и радио. На мой взгляд ниже переведенная статья подробно описывает мое мнение... В общем цены по всей стране упали еще на 16 процентов по сравнению с прошлым месяцем (according to the National Association of Realtors) Но не забывайте выделять определенные районы, которые не "пострадали": Salt Lake City. Усредненная цена в Salt Lake City выросла на 21% посравнению с прошлым годом. Это не значит, что Salt Lake City имеет лучшею защитную систему против ослабления рынка. Ослабление наблюдается здесь так же, но другое, на пример: А. меньше запросов на новое строительство Б. медленее строятся и продаются McMansions 1. Но продолжается большой поток "переежающих людей" к нам, в первую очередь благодаря устойчивому и на первом месте рабочему рынку в стране, поэтому есть огромный спрос на affordable existing homes (я бы сказала на те дома, в зависимости от места, которые в среднем продаются не больше чем за 250-300 тысяч) А такие дома до сих пор здесь найти можно, по сравнению с ближайшими штатами. 2. Коммерческое строительство возросло на 40% по сравнению с прошлым годом... 3. Свободных апартментов меньше, чем 2%. 4. Много приезжающих инвесторов с California and Las Vegas. Все это хорошие показатели роста здесь, и факт, что здесь цены не успели так скачнуть как везде за последние 2-3 года, означает, что и падать им некуда. Salt Lake City не единственная аномалия (прочитайте подробно здесь Ten Rising-In-Value Real Estate Markets) Есть вопросы или нужна помощь, звоните Марина на 801-649-5883 Мой сайт на русском с допуском к MLS мой блог с повседневными новостями Что обо мне говорят клиенты...
Wednesday, October 10, 2007
A-Z List of Real Estate Guide Pages
I am starting a new category of posting...A to Z list of Real Estate Topics...
A. A Mortgage Broker Can Pay Off for You.
Maybe you’re buying your first home or maybe you’re just considering upgrade residences. Either way, you’re going to need a mortgage to pay for your new home. Should you apply at the bank for a loan or should you take advantage of a mortgage broker’s services? The decision really depends on a variety of factors, but most important is your personal preference and needs.
How do mortgage brokers differ from loan officers? As an employee of a bank or lending company, a bank loan officer processes loans and mortgages for his or her employer. The main difference between loan officers and mortgage brokers is that mortgage brokers are not employees of a particular lending company; they are independent or freelance agents. Mortgage brokers can work with just a few or even hundreds of lending companies whereas a bank loan officer is an employee of one particular bank. Though a bank officer may be able to offer a few different types of mortgages, they all originate from just one place whereas a mortgage broker works with tens or even hundreds of companies to get you a good interest rate and terms for your mortgage. It is a mortgage broker’s job to bring together borrowers and lenders – for a fee, of course. A mortgage broker is essentially a go-between. They do not lend you the money; they find the people who will lend you money for your new home.
Mortgage brokers do a lot more of the research for you. They evaluate you as a homebuyer, and taking into account your credit standing, they decide which lender will best suit your needs. A mortgage broker submits the loan application on your behalf and works with you until it goes through. You can do this research yourself if you have time, but a mortgage broker has a working relationship already established with many of these lending companies and that may result in a better deal for you. Mortgage brokers secure loans through many types of investors including investment banks, savings and loans and even private sources.
Most of the mortgages you may have seen on the Internet are put there by mortgage brokers. Many in-person or online mortgage brokers have connections to lenders in all different parts of the country, which is something that has its own pros and cons. You may end up getting a better rate, but an out of Area Company may not have the necessary knowledge of property in your area or specific property features and classifications. In the longer run, this probably won’t be an issue; there just might be a slight delay in processing your application until all terms and questions about the property are answered.
If you’re having trouble securing a loan from a bank, a mortgage broker may be your best bet. Mortgage brokers are often able to find a lender for applications that banks refuse. So there is hope if your local bank has turned you down – you just need to expand your search for a lender to online banks or a mortgage broker.
To prepare for a meeting with a mortgage broker, you should obtain copies of your credit history. Though a mortgage broker is able to do this, it will save time and hassle if you bring these with you to the initial meeting. The mortgage broker will be able to give you a much clearer idea of the type of loan and terms he or she can secure for you if they know what your current credit situation is.
You do need to remember that mortgage brokers get paid a fee for the transaction so they are working for their own interests as well as yours. The higher a rate they get for the lending company, the more their commission will be so let them tell you what terms they can obtain rather than what you’re willing to accept.
Remember that everyone’s needs are different. Talk to family and friends and see whether they secured their mortgage through the bank or through a mortgage broker. Do some investigating to find the best loan terms and transaction time. Your real estate agent may also be able to make some useful suggestions or even refer you to a suitable mortgage broker.
A. A Mortgage Broker Can Pay Off for You.
Maybe you’re buying your first home or maybe you’re just considering upgrade residences. Either way, you’re going to need a mortgage to pay for your new home. Should you apply at the bank for a loan or should you take advantage of a mortgage broker’s services? The decision really depends on a variety of factors, but most important is your personal preference and needs.
How do mortgage brokers differ from loan officers? As an employee of a bank or lending company, a bank loan officer processes loans and mortgages for his or her employer. The main difference between loan officers and mortgage brokers is that mortgage brokers are not employees of a particular lending company; they are independent or freelance agents. Mortgage brokers can work with just a few or even hundreds of lending companies whereas a bank loan officer is an employee of one particular bank. Though a bank officer may be able to offer a few different types of mortgages, they all originate from just one place whereas a mortgage broker works with tens or even hundreds of companies to get you a good interest rate and terms for your mortgage. It is a mortgage broker’s job to bring together borrowers and lenders – for a fee, of course. A mortgage broker is essentially a go-between. They do not lend you the money; they find the people who will lend you money for your new home.
Mortgage brokers do a lot more of the research for you. They evaluate you as a homebuyer, and taking into account your credit standing, they decide which lender will best suit your needs. A mortgage broker submits the loan application on your behalf and works with you until it goes through. You can do this research yourself if you have time, but a mortgage broker has a working relationship already established with many of these lending companies and that may result in a better deal for you. Mortgage brokers secure loans through many types of investors including investment banks, savings and loans and even private sources.
Most of the mortgages you may have seen on the Internet are put there by mortgage brokers. Many in-person or online mortgage brokers have connections to lenders in all different parts of the country, which is something that has its own pros and cons. You may end up getting a better rate, but an out of Area Company may not have the necessary knowledge of property in your area or specific property features and classifications. In the longer run, this probably won’t be an issue; there just might be a slight delay in processing your application until all terms and questions about the property are answered.
If you’re having trouble securing a loan from a bank, a mortgage broker may be your best bet. Mortgage brokers are often able to find a lender for applications that banks refuse. So there is hope if your local bank has turned you down – you just need to expand your search for a lender to online banks or a mortgage broker.
To prepare for a meeting with a mortgage broker, you should obtain copies of your credit history. Though a mortgage broker is able to do this, it will save time and hassle if you bring these with you to the initial meeting. The mortgage broker will be able to give you a much clearer idea of the type of loan and terms he or she can secure for you if they know what your current credit situation is.
You do need to remember that mortgage brokers get paid a fee for the transaction so they are working for their own interests as well as yours. The higher a rate they get for the lending company, the more their commission will be so let them tell you what terms they can obtain rather than what you’re willing to accept.
Remember that everyone’s needs are different. Talk to family and friends and see whether they secured their mortgage through the bank or through a mortgage broker. Do some investigating to find the best loan terms and transaction time. Your real estate agent may also be able to make some useful suggestions or even refer you to a suitable mortgage broker.
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